He has balanced his Microsoft and Alphabet with 50% defensive.
In fact, 50% is super defensive. Hamish has already stated this.
And the reason is to NOT blow up accounts - fiduciary duty.
You can't have it both ways @SP007.
I.E Whinge about underperformance and therefore "high fees". Or in your erroneous words "the offset defensives will be torched".
Which one is it tiger?
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